An Interview With Candice Georgiadis
It could be harder than you think is one piece of advice I didn’t get. On paper, you can identify all the hours needed to reach your goal. The numbers on paper are very different when you are thrust into the reality of devoting so much time to the new business. Until you have the experience, you cannot imagine how exhausting it can be.
As a part of our series about “Why We Need More Women Founders”, I had the pleasure of interviewing Michelle Klem.
Michelle made Palm City, Florida home in 2010 with her husband and two sons. Her sons Michael will be graduating Yale and Joseph graduating Martin County High this year. Their youngest boy, Jaxon, is in first grade at Palm City Elementary. Michelle found the fashion choices on the Treasure Coast limited, and started researching designers, trends, and sourcing to fill this beautiful new boutique. Featuring women’s contemporary luxury looks, Aanya’s Boutique carries the fashions of Frank Lyman, Seven for all Mankind Jeans, Chaser, Nouvelle, High Gorgeous, Hippie Beach Bum, Bululu, Grey Violet, Sofia, Fashion Nova, Moving Forward, Joseph Ribikoff, along with costume jewelry and accessories including shoes to match. For your contemporary designer looks, we would love to dress you for any occasion, dawn to dusk, finding that perfect look is what we are here to do. You’ll find Aanya’s boutique and its owner Michelle to be inexhaustible, limitless, and resurrected.
Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit more. Can you tell us a bit about your “backstory”? What led you to this particular career path?
When I moved to the Treasure Coast in Florida, I realized there were very limited women boutiques. I decided Palm City would be the perfect area to open one because there are so many stay at home, single, divorced, working mom’s who need a variety of fashion choices for their wardrobe.
Can you share the most interesting story that happened to you since you began leading your company?
Three years ago, I started with a dream. Over these last 36 months, I’ve been planning and saving money to make my dream come true. The good news, the official Aanya’s Boutique grand opening happened this year! Interesting incidents occurred regularly on this path from dream to reality. It’s all new territory for me. One interesting day stands out. A few months before the grand opening I visited Atlanta’s Merchandise Mart, where designers display their latest creations. Buyers, like me, go to any one of hundreds of designers to establish relationships and place orders. The entire experience was fascinating and a bit overwhelming. Can you imagine spending over $20,000 in one day? This eye-opening experience escalated my enthusiasm (and my anxiety) for my new venture.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
It was getting close to the grand opening and thousands of dollars of merchandise had not arrived. It took me more time than I can admit, to notice this particular problem, while the boutique build-out construction was in full swing. Checking with my suppliers, it turns out that all my deliveries were being returned because they required a signature. Happily, I switched deliveries to home where my beautiful new clothes could be received safely. The shipping and the delivery of my merchandise was a big learning curve. Now I laugh that I was almost forced to open with the bare-bones inventory. There are many lessons to learn along the way. After this incident, I vowed to establish an order follow-up process, and keep a focus on all the little details.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
There are many people who helped me fulfill my dream along the way, including two incredibly Special Coaches. My gratitude extends to them, and everyone who stepped up, propelling an idea in my head into a dream come true. It is my father, who, from the beginning, has been my biggest supporter. His construction, carpentry, and electrical skills transformed a tiny, empty storefront into a sophisticated boutique. The visions in my head and ideas from Pinterest came to life under my father’s skillful hands. What sticks out most is how my father listened to me and influenced me to take the leap and become an entrepreneur. With all his help over these last for three years, I couldn’t be more grateful for his talents and advice.
Ok, thank you for that. Let’s now jump to the primary focus of our interview. According to this EY report, only about 20 percent of funded companies have women founders. This reflects great historical progress, but it also shows that more work still has to be done to empower women to create companies. In your opinion and experience what is currently holding back women from founding companies?
For more than twenty years, I worked for entrepreneurs. Always giving 110% in every aspect of my work in hospitality, my bosses loved me. Witnessing my employers expand their business
While there were no significant gains in my bank account, I thought, why don’t I become my own boss and work this hard for myself? That is how my three-year journey to open a boutique started. The fear of failure and lack of capital are the two main reasons that keep many women from becoming their own bosses. Starting a business is scary with an unpredictable outcome.
Many people are too far outside their comfort zone to risk starting a business without a dependable income. Another main reason holding women back is the lack of available entrepreneurial training. Passion is usually extremely high when starting a business, but that won’t guarantee profits. Training, Market Research, and dedicated Coaches have helped me through the preparation and execution phase of starting my business. These initiatives could help more women become entrepreneurs.
Can you help articulate a few things that can be done as individuals, as a society, or by the government, to help overcome those obstacles?
The biggest needs are access to funds and training. In the US there are few schools dedicated to
training entrepreneurs.
This might be intuitive to you as a woman founder but I think it will be helpful to spell this out. Can you share a few reasons why more women should become founders?
Owning my own business allows me to control my destiny. Not depending on anyone else brings me joy. Successfully opening my boutique raised my self-esteem. With the profits predicted, my financial freedom is near. Although the statistics tell us only 20% of founders are women, under under the right circumstances, that number could be significantly higher. Women generally have a huge capacity for time management, juggling professional and personal priorities, and solving problems — the perfect entrepreneurial skill set. Owning a business isn’t for everyone, but for those who like to control their destiny and create financial freedom, having your own company can be the greatest gift to yourself.
What are the “myths” that you would like to dispel about being a founder? Can you explain what you mean?
Many people told me that I wouldn’t be able to do it all, essentially that I would fail at opening my own business. They were wrong. I set my intention on my goal and, it did take longer than anticipated, but I figured it all out along the way. And now I am a business owner.
Is everyone cut out to be a founder? In your opinion, which specific traits increase the likelihood that a person will be a successful founder and what type of person should perhaps seek a “regular job” as an employee? Can you explain what you mean?
Owning a business could be right for anyone with a “never-give-up” attitude, ambition, and is willing to work harder than ever.
Ok super. Here is the main question of our interview. What are your “5 Things I Wish Someone Told Me Before I Started” and why? (Please share a story or example for each.)
1. It could be harder than you think is one piece of advice I didn’t get. On paper, you can identify all the hours needed to reach your goal. The numbers on paper are very different when you are thrust into the reality of devoting so much time to the new business. Until you have the experience, you cannot imagine how exhausting it can be.
2. You are in a continuous learning environment. Out of necessity, I have learned nearly everything to start my company. Learning at every turn is thrilling as I love to develop my talents. Be prepared to earn a Ph.D. in entrepreneurship from the School of Hard Knocks if you start your own company.
3. My “I can do it all” approach led to several unwise expenditures. While I am doing In almost everything, I underestimated the budget required for outsourcing tasks. Accounting, Social Media Marketing, Public Relations, and supplemental staff are outsourced responsibilities that are now budgeted.
4. Throughout my life, one of my struggles has been managing my time effectively. It cannot be understated how important it is to manage your time, prioritize your tasks and stay focused on the most important responsibilities. This is one area where my Life Coach helped me tremendously.
5. Make self-care a priority. You are needed at the helm of your business, and you will need to stay healthy to carry your business forward. Your new business should not kill you or impact your health negatively. Frequently check yourself for signs of exhaustion and burn-out and prevent it before it sinks your business.
How have you used your success to make the world a better place?
With only a few months in business, I am focusing on the business. At present, my intention is to find ways to help other women and do my small part in making the world a better place.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good for the greatest number of people, what would that be? You never know what your idea can trigger.
It’s always important to give back to your community. I like to donate my time to local charities in my town.
We are very blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them.
I am always picking others’ brains. I would love to pick John Maxwell’s brain. His views on Leadership If we could have a private meeting, I would ask him more about his views on Leadership. He inspires me with his Minute with Maxwell daily.
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
Female Founders: Michelle Klem On The Five Things You Need To Thrive and Succeed as a Woman Founder was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.